Nexus Day Hospitals Implements Tagetik Cloud Software Solution

Tagetik, a visionary leader in global performance management software solutions, today announced that Nexus Day Hospitals has gone live with Tagetik Cloud corporate performance management (CPM) software for consolidation, reporting, due diligence analysis of prospective acquisitions, as well as monthly consolidated reporting for the growing hospital group. Tagetik provides Nexus with the ability to report financial statements, including income statement, balance sheet and cash flow, and conduct operational performance analysis at a granular level.

Nexus is quickly establishing itself as a leading day-hospitals group in Australia. PricewaterhouseCoopers initially provided Nexus with the modelling it required to understand the profit drivers of potential acquisition targets during due diligence. “Following each successful acquisition, Nexus needed a way to produce ongoing monthly management reporting in line with the models that were developed during the due diligence stage. I suggested that Nexus look at Tagetik as one of the potential options. Tagetik is a product that PwC has had success with at both a global and local level,” explains Ian Bennett, managing director, deals modelling, PwC Australia.

Following a formal evaluation process, Nexus’ CFO Steven Evans selected Tagetik’s cloud-based CPM solution. “Tagetik’s exclusive distributor in Australia and New Zealand, CFO Group, understood our requirements and was able to demonstrate the Tagetik system so quickly and completely, that we actually ended up going live using the proof of concept model that had been created for our executive and board reporting each month. Being on the cloud was another key factor that meant we could go live immediately with zero IT involvement. The system is very intuitive and the fact that it works through Microsoft Excel has enabled me to begin using it with virtually no training,” said Steven Evans, chief financial officer, Nexus Day Hospitals.

“Having worked with various technologies in this industry over the last two decades, it’s obvious that Tagetik is a game changer in terms of the speed and ease with which our consultants are able to translate customers’ needs into accurate, reliable and auditable outputs. Having all of Tagetik’s on-premise functionality available in the cloud enables us to rollout the system at the touch of a button,” stated Brendan Aspery, director, CFO Group & country manager, Tagetik Australia.

“Our hospitals all use different operational and financial applications, so I needed software that could very easily collect data from multiple systems, consolidate and produce highly formatted reports from one source. I am delighted with Tagetik in all of these aspects,” continues Steven Evans, chief financial officer, Nexus Day Hospitals.“Nexus has been able to receive immediate value from our solution. I believe that being the first CPM vendor to offer customers the same level of functionality in the cloud as in our on-premise solution will prove to be of tremendous value to many new customers as it has been to Nexus,” saidManuel Vellutini, co-CEO, Tagetik.

About Nexus Day Hospitals Nexus partners with independent day hospital owner-operators and leading surgeons with the aim of helping them achieve their goals and realize the full potential of their business. The company’s vision is to be the hospital partner of choice for surgeons throughout Australia, offering world-class facilities with expertise in a range of specialties. They achieve this by providing outstanding surgical facilities staffed by expert nursing and support teams, and combining them with deep experience in hospitals operational management. To learn more: www.nexusdayhospitals.com.au About CFO Group The CFO Group provides solutions to the CFO for financial performance management. The CFO Group believes that planning, budgeting, forecasting, reporting, analysis, and disclosure should be unified and simplified to add maximum value to support decision-making. The CFO Group is the exclusive distributor of Tagetik in Australia and New Zealand. To learn more: www.cfogrp.com